On Wednesday (29 Nov), The Business Times (BT) reported that Spinelli Coffee Company had closed all outlets in Singapore.
The company first set up their branches here 27 years ago, with two at the National University of Singapore (NUS) campus.
The report of the closure comes after the company allegedly incurred losses from Financial Year (FY)2018 to FY2022.
According to BT, the coffee chain will be shutting down its six remaining outlets in Singapore.
Two employees who spoke to BT confirmed the closure and that all its outlets in Singapore were ceasing operations. Most would allegedly do so by the end of this year.
Operated by Singapore-based YTC Corporation, the coffee chain debuted here 27 years ago.
It has two outlets at the NUS campus, both of which now display signs seen by BT informing customers of their last day of operations on 15 Dec.
Source: Spinelli Coffee
BT also reported that the branches at Changi Business Park and One Raffles Quay will close down. The eateries will put up official notices at a later date.
The coffee company has two other outlets as well, at International Business Park and the Singtel Building on Pickering Street.
Source: Spinelli Coffee
After conducting checks, BT additionally stated that Spinelli Coffee’s sister brand Daily Grind – A Spinelli Joint, has seemingly closed all branches in Singapore.
They include an outlet each at Aperia Mall, Galaxis, MYP Centre and Ocean Financial Centre.
BT had also seen filings revealing that the company suffered losses from FY2018 to FY2022.
The losses apparently began narrowing in 2020, with the brand recording S$943,931 and S$839,638 in losses in 2021 and 2022 respectively.
In the year ending 31 Dec 2022, the entities also reportedly had total liabilities of S$15.5 million, with S$228,029 in negative cashflow from operating activities.
MS News has reached out to Spinelli Coffee for an official statement on the matter.
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Featured image adapted from Spinelli Coffee.
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